Financial Performance - Revenue decreased by 7.9%, equivalent to USD 6.2 million year-over-year, due to reduced scheduled capacity as two aircraft were allocated to ACMI operations[31, 32] - EBIT fell by USD 3.6 million year-over-year, driven by a USD 6.2 million revenue drop and higher costs from ETS and ISK-related FX[34] - Cash position at the end of Q2 2025 was USD 11.9 million, including restricted cash[35] - PLAY secured subscription commitments totaling USD 20 million, equivalent to approximately ISK 2.4 billion, to be finalized in August[17, 36] - Shareholders' equity is negative at USD -81.1 million due to losses and tax asset write-off at year-end 2024[47] Operational Highlights - Passengers totaled 521 in Q2 2025 with a load factor of 83.2%[6] - ACMI operations generated USD 6 million in revenue[38, 39] - Yield per passenger from scheduled operations increased 4.1% year-over-year to USD 179[42] - Net Promoter Score (NPS) increased by 74% in Q2 2025 compared to Q2 2024[19, 20] Strategic Shift - Leisure destinations will make up 66% of PLAY's schedule in Q4 2025, compared to 25% in Q4 2024[61]

Core Insights - PLAY experienced a 5% year-over-year increase in passenger numbers, carrying 128,119 passengers in April 2025 compared to 122,217 in April 2024, indicating strong demand in core markets and a well-aligned route network for early summer [1] Passenger Metrics - The load factor decreased to 82.6% in April 2025 from 85.1% in April 2024, attributed to a shift towards leisure-oriented destinations which typically have lower load factors but higher yields [2] - The share of passengers traveling from Iceland rose to 36.9% in April 2025, up from 30.0% the previous year, while the share traveling to Iceland increased to 31.8% from 27.0%. Conversely, VIA traffic share decreased to 31.3% from 43.0% [3] Operational Performance - PLAY achieved an on-time performance rate of 92.7% in April 2025, an improvement from 89.4% in April 2024, reflecting the airline's focus on schedule reliability and service quality [4] Future Outlook - The forward load factor and unit revenue for the upcoming summer months are trending above 2024 levels, with strong demand to and from Iceland. The recent launch of flights to Antalya, Turkey, and Faro, Portugal, is expected to enhance PLAY's position in the leisure market [5] Executive Commentary - The CEO of PLAY stated that the performance in April demonstrates the effectiveness of the company's strategy, highlighting solid demand across markets and the profitability of leisure routes despite lower load factors. The company is well-positioned for a successful summer with strong on-time performance and encouraging forward bookings [6]